Homeowner Records: What to Keep and How Long
Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These…
New Job? Don’t Forget About Your 401(K)
One of the most important questions you face when changing jobs is what to do with the money in your 401(k) because making the wrong move could cost you thousands…
Understanding Your Rights as a Taxpayer
By law, all taxpayers have fundamental rights when interacting with the IRS, and all taxpayers should know and understand their rights. Ten categories of rights are presented in the Taxpayer…
Got Cash? What To Do With a Windfall
A cash windfall is any amount of money that you didn’t expect to receive and is over your regular income. Most would consider it to be any amount over $1,000…
Tax Breaks for Teachers and Educators
It’s almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as…
The Difference Between a Hobby and a Business
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention…
What Teen Entrepreneurs Should Know About Taxes
What Teen Entrepreneurs Should Know About Taxes Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing,…
Tax Withholding for Seasonal and Part-Time Employees
Tax Withholding for Seasonal and Part-Time Employees Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as an employee…
HSA Limits Increase Significantly for 2023
HSA Limits Increase Significantly for 2023 Contributions to a Health Savings Account (HSA) are used to pay the account owner’s current or future medical expenses, their spouse, and any qualified…
Settling Tax Debt With an IRS Offer in Compromise
Settling Tax Debt With an IRS Offer in Compromise An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax…